Sentinel Inks 2 New Leases in Suburban Chicago
JLL brokered both office deals for the owner.
Sentinel Net Lease has signed two new leases totaling nearly 45,000 square feet at Bannockburn Corporate Center, a three-story office building in Bannockburn, Ill., within Chicago’s North Shore submarket.
JLL’s Managing Director Chris Cummins worked on behalf of the landlord on both deals.
London-based insurance provider AON will occupy some 40,000 square feet of the former Donlen space, which became vacant in August. The company planned the move since July this year, when AON downsized from the 600,000 square feet it occupied at Realty Income’s office complex at 4 Overlook Point in Lincolnshire, Ill., according to The Real Deal. The insurance provider will move at its new location by December.
Engineering firm Baxter Woodman, which signed a 4,768-square-foot commitment at the property, will also move to the corporate center by the end of 2024.
Other tenants include Winix America Inc., Resurgence Capital, Webley Systems Inc. and DeLaval Inc.
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Bannockburn Corporate Center is a 209,225-square-foot building located at 3000 Lakeside Drive. Sentinel Net Lease purchased the property last year for $28.6 million from seller Axial Real Estate Advisors, according to CommercialEdge.
Completed in 1999 and renovated in 2016, the building features 69,742-square-foot floorplates, two passenger elevators and a tenant lounge. Additionally, the property includes a fitness center, a conference room, landscaped greenspaces and provides 837 parking spots.
The 14-acre office campus is near Interstate 94, allowing easy access to the Greater Chicago area. The property is 17 miles from Chicago O’Hare International Airport and 31 miles from downtown Chicago.
Recent office leases in Chicago
In September, Medline expanded its footprint at The Mart, a 3.7 million-square-foot mixed-use property in the city’s central business district. The company committed to 161,000 square feet, while also signing another 210,000-square-foot lease in Northbrook, Ill.
That same month, law firm Smith, Gambrell & Russell signed a 57,000-square-foot deal at 155 N. Wacker Drive, the 1.2 million-square-foot office tower owned by The John Buck Co. JLL negotiated on behalf of the tenant, which will relocate its Chicago office at the property’s 30th and 31st floors.
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